ServiceNow, Inc. $NOW Shares Purchased by Wealthcare Advisory Partners LLC

Key Points

• Wealthcare Advisory Partners LLC increased its holdings in ServiceNow, Inc. by 9.9% during the second quarter, owning 6,325 shares valued at $6.5 million.
• ServiceNow reported earnings per share of $4.09 for the latest quarter, surpassing estimates of $3.57, along with a revenue increase of 22.4% year over year.
• Institutional investors and hedge funds hold 87.18% of ServiceNow's stock, indicating strong institutional support for the company.

Wealthcare Advisory Partners LLC boosted its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 9.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,325 shares of the information technology services provider's stock after purchasing an additional 569 shares during the period. Wealthcare Advisory Partners LLC's holdings in ServiceNow were worth $6,503,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Brighton Jones LLC lifted its holdings in ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after acquiring an additional 30 shares during the period. Vest Financial LLC lifted its stake in shares of ServiceNow by 73.4% in the 1st quarter. Vest Financial LLC now owns 2,105 shares of the information technology services provider's stock valued at $1,676,000 after purchasing an additional 891 shares during the period. Signal Advisors Wealth LLC purchased a new stake in ServiceNow during the first quarter worth $751,000. Magnus Financial Group LLC grew its position in ServiceNow by 2.7% during the first quarter. Magnus Financial Group LLC now owns 527 shares of the information technology services provider's stock valued at $420,000 after buying an additional 14 shares during the period. Finally, Procyon Advisors LLC grew its position in ServiceNow by 5.2% during the first quarter. Procyon Advisors LLC now owns 2,203 shares of the information technology services provider's stock valued at $1,754,000 after buying an additional 108 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Performance

NYSE:NOW opened at $911.75 on Friday. The company has a market cap of $189.64 billion, a P/E ratio of 114.83, a P/E/G ratio of 4.11 and a beta of 0.92. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The company's 50-day moving average price is $914.67 and its 200-day moving average price is $929.93. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period in the prior year, the business earned $3.13 earnings per share. The business's revenue was up 22.4% compared to the same quarter last year. On average, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on NOW shares. Piper Sandler increased their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. DA Davidson increased their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Weiss Ratings restated a "hold (c)" rating on shares of ServiceNow in a research report on Saturday, September 27th. Barclays set a $1,210.00 target price on ServiceNow in a research note on Thursday, July 24th. Finally, Wall Street Zen lowered shares of ServiceNow from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. One analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and an average target price of $1,122.20.

Insider Activity

In related news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the completion of the sale, the insider directly owned 3,000 shares in the company, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Gina Mastantuono sold 1,762 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the completion of the sale, the chief financial officer directly owned 12,228 shares in the company, valued at $10,594,950.60. This trade represents a 12.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,737 shares of company stock worth $16,798,825. Insiders own 0.38% of the company's stock.

About ServiceNow

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.

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